CorPower Ocean secures 9 MEUR equity funding for breakthrough wave energy tech
The funding round was led by Midroc New Technology, with additional investment from ALMI Invest Greentech, EIT InnoEnergy and a group of private investors.
CorPower Ocean is a global leader in wave energy technology. Its new generation of high-efficiency WECs (Wave Energy Converters) are inspired by the pumping principles of the human heart. Advanced control technology allows large amounts of energy to be harvested using small, low-cost devices. A unique solution makes them transparent to storm waves, which provides survivability in the harshest ocean conditions.
Proceeds will be used to demonstrate the first commercial scale WEC within CorPower’s flagship HiWave-5 project - and for the long-term development of supply and service capacity for commercial wave energy farms.